| Topic: | Re:Re:Should we be giving money to bail out Ireland. ? | |
| Posted by: | Malcolm Peltu | |
| Date/Time: | 17/11/10 14:34:00 |
| Yes, I think we should try to assist. As George Osborne said, the Irish economy (and banks, such as Bank of ireland and the post Office) is closely entangled with ours, particularly as there are so many Irish people in the UK and that there would probably be a new wave of immigration to the UK if the economy failed. And although we are not in the euro, a failure of the euro system could have a major negative impact as if we are to get any real growth it will have to come from exports, and the eurozone is a major market. But more broadly, I think what has happened in Ireland shows how false the Coalition government's argument has been that there is no other way but to cut public spending by as much as it is aiming at, as wuickly as itss chedule dictates. Ireland was cheered on by 'the market' and the rest of the gang who helped created the crisis in the first place - then when the approved medicine turned out to do more harm than good, it was downgraded by the ratings agencies who gave AAA rating to crap mortgages and other gobbledgook 'derivates' they didn't understand (and who now generally dictate government policies because of their downgrading threat). But the government with its own media cheerleaders and a totally useless Labour opposition has got away with claiming its vast cutbacks are the only way, so largely closing down discussion on possible alternatives or debate about any specific cut as 'there is no money and we have the the largest debt since the ice age.... etc'. |